All Britons may have to pay higher taxes to help the government restore public financial stability.
A meeting between Prime Minister Rishi Sunak and Finance Minister Jeremy Hunt on Monday saw discussions on tax and spending plans ahead of the budget presentation on 17 November.
According to the UK Treasury, Rishi Sunak and Jeremy Hunt agree that tough decisions are needed on plans for tax and spending increases.
This may cause all citizens, especially the wealthy to pay more taxes following the plan.
The pound fell to an all-time low against the US dollar, forcing the Bank of England (BOE) to intervene in the bond market.
The fallout led to Liz Truss resigning as prime minister and was subsequently replaced by Sunak who had previously lost to her in the Conservative Party leadership election in August.
Meanwhile, two leading research groups on Tuesday argued that Sunak and Hunt should not rely on spending cuts when they present the budget.
